ATT's net asset value rose 24.7% in 2025, outpacing its Dow Jones World Technology Index benchmark by 4.7 percentage points, with shareholders receiving a 25.8% total return as the discount narrowed.
Outperformance was driven by overweight positions in stocks outside the mega-cap cohort. Micron Technology — held at an average 2.5% portfolio weight versus roughly 0.6% in the index — returned approximately +216% over the year and was the single largest contributor to relative performance, according to the filing. Semiconductor names overall made up 32.5% of the portfolio and delivered an average return of 45.6%. Celestica, Robinhood Markets and Amphenol, none of which feature in the benchmark, were also cited as key contributors.
The trust held approximately 47.5% in mega-cap stocks — around 12 percentage points below benchmark weight — a positioning that hurt in prior years but proved additive in 2025 as investor attention broadened beyond the largest names. Nvidia, the benchmark's largest constituent at more than 14% index weight, returned around 30% and remained ATT's largest single holding, though at below-index weight. Software was a notable drag: the S&P 500 Software Index fell 1% over the year, and portfolio manager Mike Seidenberg flagged ongoing structural pressure from AI displacement risk.
ATT bought back 26,088,876 shares during the year for an aggregate £124,993,000, with the company trading at an average discount of 9.8% over the period. A further 4,025,723 shares were repurchased between 1 January and 11 March 2026 for £21,364,000. The ongoing charges figure fell marginally to 0.62% from 0.64%, which the company said was the lowest within its AIC peer group. No performance fee was earned despite benchmark outperformance, as prior-year underperformance carried forward offset the gain; the performance fee cap was also reduced from 1.75% to 1.25% of average NAV with effect from 1 January 2026.
The three-year cumulative NAV return stands at +106.7%, representing +2.7 percentage points of outperformance over the benchmark since 2023. Chairman Tim Scholefield said the trust's record "demonstrates both the benefits of our differentiated approach and the advantages of an investment team located in the San Francisco Bay Area." A continuation vote will be put to shareholders at the AGM on 23 April 2026, with the board urging a vote in favour.
The recap
• ATT's NAV rose 24.7% in 2025, beating its benchmark by 4.7 percentage points; shareholder total return was 25.8% after discount narrowing. • Micron Technology — held at more than four times its index weight — was the top single-stock contributor, returning approximately +216%. • The trust repurchased over 26 million shares for £125 million during the year; no performance fee was payable despite outperformance due to carried-forward deficits.
